Bitcoin managed to stay above $80,000 during Asian trading as a steep decline in regional stock markets weighed on altcoins. South Korea’s Kospi tumbled 8%, the CoinDesk 80 Index fell 2.2%, and all but six assets in the CoinDesk 100 recorded losses.

Bitcoin was trading near $81,200, down approximately 0.5% since midnight UTC after recovering from an earlier decline of around 1%. Buyers emerged at approximately 02:30 UTC when BTC moved close to $80,000, a level near its October 8 low of roughly $80,300.

The weakness in Asian equities contributed to the broader risk-off mood. South Korea’s Kospi dropped 8%, triggering circuit breakers, while Nasdaq 100 futures fell approximately 1%. The move followed a 1.9% decline in the Nasdaq Composite on Wednesday.

Altcoins experienced heavier losses than Bitcoin. Ether declined 2% to around $2,370, while the CoinDesk 80 Index (CD80) slipped 2.2%. The CoinDesk 5 Index (CD5), which has a stronger Bitcoin weighting, performed relatively better, falling around 0.7%.

Smaller tokens faced particularly strong selling pressure. Pump.fun’s PUMP token fell 9.4%, while the CoinDesk Memecoin Index lost 4%. As a result, only six constituents of the CoinDesk 100 avoided declines.

Federal Reserve policy expectations remained another important factor for markets. Following Wednesday’s hotter-than-expected U.S. inflation report, CME FedWatch data showed the implied probability of an October rate hike briefly rising to nearly 47%, compared with about 22% before the release. The probability subsequently fell to roughly 26%, leaving Treasury yields and interest-rate expectations among the key indicators ahead of the U.S. market open.

Crypto Derivatives: Liquidations Surge as Traders Reposition

Nearly $1 billion in futures positions liquidated. Cryptocurrency futures liquidations reached almost $1 billion over 24 hours as traders reacted to the latest U.S. inflation figures. The total was up sharply from approximately $136 million a day earlier, highlighting the risks associated with crowded leveraged positions ahead of major economic releases.

Ether longs face greater liquidation pressure. Ether recorded around $200 million in liquidations from long positions, compared with approximately $115 million for Bitcoin. The difference suggests that leveraged bullish bets on ETH suffered more heavily during the market decline.

Silver futures see more liquidations than Zcash. Perpetual futures tied to silver, identified by the XAG ticker, recorded more liquidations than Zcash (ZEC). The development reflects the growing availability of traditional financial instruments on cryptocurrency trading platforms.

Futures trading volume rises while open interest stays steady. Crypto futures volume over 24 hours increased 61% to $252 billion, while total open interest remained close to $139.6 billion. This combination suggests that much of the activity involved existing positions being closed or changed rather than a significant increase in aggregate leverage. Short-side taker volume represented 51.67% of trading activity, keeping the market tilted toward sellers and close to the previous day’s 52% reading.

Bitcoin futures contracts increase despite falling spot prices. Bitcoin’s spot price declined by more than 2% over 24 hours, while dollar-denominated futures open interest rose 1.6%. Because open interest is measured in dollars, the figures imply that the number of outstanding contracts increased by roughly 3.7%. This suggests fresh positioning entered the market even as BTC declined.

Bitcoin’s 24-hour open-interest-adjusted cumulative volume delta (CVD) remained negative, alongside negative readings for most other cryptocurrencies. This indicates that aggressive selling continued to dominate order flow. The additional contracts may include bearish positions, although open interest alone does not reveal whether traders are going long or short. Bitcoin’s perpetual funding rate remained positive, meaning long-position holders continued paying funding to short-position holders.

Ether and Solana show similar derivatives trends. Futures open interest for ETH and SOL remained relatively stable despite sharper spot-price declines than Bitcoin. When dollar-denominated open interest stays flat as prices fall, the number of outstanding contracts can increase. The pattern points to additional positions entering the market. Both ETH and SOL also recorded negative CVD readings while funding rates remained positive.

DOGE and NEAR see positions unwound. Open interest in Dogecoin and NEAR fell by significantly more than their spot prices. This suggests traders were actively closing positions and withdrawing capital rather than experiencing losses solely because token prices declined.

Bitcoin implied volatility remains above 40%. The BVIV index held slightly above 40% for a second consecutive day, rising from recent lows near 34%. The increase suggests renewed demand for options as traders prepare for continued price swings. However, volatility remains below the more extreme levels recorded during market turmoil in February and June. Ether’s implied volatility index followed a similar pattern.

Bitcoin options reflect both recovery bets and hedging demand. On Deribit, Bitcoin calls with strike prices of $90,000 and $86,000 ranked among the five most actively traded options over 24 hours. The other three contracts in the top five were puts. Calls with strike prices above the current market can reflect expectations of a rebound, while puts are often used to protect against further declines. Ether’s options activity appeared more defensive, with puts leading its rankings.

Token Watch: PUMP Slides as PYTH and STRK Advance

Pump.fun records the largest decline among major tokens. PUMP, the token linked to the Solana-based memecoin launchpad, dropped 9.4%, making it the worst performer in the CoinDesk 100. Other Solana ecosystem assets also weakened, with Jito’s JTO falling 6.2% and Jupiter’s JUP declining 6.1%. Solana’s SOL recorded a smaller loss of 1.1%, trading near $103.

PYTH extends its rally following a buyback decision. Pyth Network’s PYTH token advanced 2.8%, continuing a rally that began on October 8. The move followed a vote by its decentralized autonomous organization to direct all product revenue toward monthly token buybacks. CoinMarketCap data showed approximately $96 million in PYTH trading volume over 24 hours, up 67% from the previous 24-hour period.

STRK rebounds after a steep sell-off. Starknet’s STRK token climbed 11%, recovering after a 17% decline on October 13. Despite recent volatility, it remained 278% above its yearly low of $0.021, recorded on August 16.

Canton, Optimism and Aerodrome remain under pressure. Canton’s CC token dropped 7.3%, Optimism’s OP declined 7%, and Aerodrome’s AERO lost 6.4%. Weak liquidity across the altcoin market continued to contribute to the declines.

Several larger tokens show relative resilience. Tron’s TRX traded largely unchanged, Monero’s XMR fell 0.55%, and Hyperliquid’s HYPE slipped 0.96% to approximately $80.